SFH on the market but Foreclosing...

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I was driving through a neighborhood today that I absolutely love and came across a house for sale. I pulled up, walked around the house and peeked threw the windows. Its a little outdated but in great condition. I found it on the realtors website and it says it is a bank owned property(REO). How come its for sale and asking $277,000 when it says its a REO. Does the owner have x amount of days to try and sell before it goes to auction? If the property does go to auction how do I get more info on the auction date and if it has liens...etc?

Also I have run the numbers through the flipping calculator and I believe I can make it work for the right purchase price. Other than figuring out some creative financing whats my next step?

It's a REO which means the bank already got it back at the foreclosure auction, they own it, so now they are selling it to recover as much of their money as they can. The prior owner is out of the picture. The bank will looking for something close to market value, for it's current condition.